EUR/USD managed to regain some composure after two daily drops in a row and advanced to two-day peaks around 1.0870 following an earlier test of the area near the critical 200-day SMA (1.0818).
EUR/USD rebounded to the 1.0870 region. The Dollar traded in a vacillating mood amidst mixed yields. US flash Q2 GDP surprised to the upside. EUR/USD managed to regain some composure after two daily drops in a row and advanced to two-day peaks around 1.0870 following an earlier test of the area near the critical 200-day SMA . The daily gain in spot came in tandem with the broad-based weak tone in US and German yields.
A glimpse at the ECB shows the central bank appears to be en route to another interest rate cut after the summer break, as per recent comments by Vice President Luis de Guindos. Meanwhile, the policy divergence between the Fed and the ECB is expected to remain almost unchanged going forward, as both central banks are forecast to cut rates after the summer break.
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